News That Matters

Business

Northrop Grumman producing RF threat detection system

Northrop Grumman producing RF threat detection system

Business
Dec. 15 (UPI) -- Northrop Grumman reports it is to produce its digital radar warning system and electronic warfare management system for U.S. Air Force and Navy aircrews.Production of the AN/APR-39D(V)2 comes under a $ 124.7 million award following a period of development and testing. Northrop, however, did not specify the contract's issuing authority."With the AN/APR-39D(V)2, we are bringing mature, fifth-generation digital technology to the rotary fleet," Robert Fleming, vice president for the land & avionics C4ISR division of Northrop Grumman Mission Systems, said in a press release. "With its growth path to additional capabilities, including radio frequency counter-measures and advanced self-protection, the AN/APR-39D(V)2 will help warfighters stay ahead of emerging threats."The AN...
Diamond eyes Tandem in UK retail bank return 

Diamond eyes Tandem in UK retail bank return 

Business
An investment vehicle founded by the former Barclays chief Bob Diamond‎ is weighing a deal that would catapult him back into the British retail banking sector after a five-year absence.Sky News has learnt that Atlas Merchant Capital (AMC) is in discussions about buying a stake in Tandem Money, a financial services app aiming to compete with a plethora of new digital lenders.If completed, it would be another milestone in Mr Diamond's post-Barclays career, and would come months after AMC agreed to acquire Panmure Gordon, the venerable City stockbroker, in conjunction with its existing Qatari shareholders.Mr Diamond is not thought to have taken a meaningful stake in any other UK retail banking franchise since his ousting as Barclays' chief executive in the summer of 2012.Having him invest thr
Raytheon contracted to support anti-ship missile system

Raytheon contracted to support anti-ship missile system

Business
Dec. 15 (UPI) -- Raytheon Missile Systems has been awarded a modified contract from the U.S. Navy for support services on the Rolling Airframe Missile Mark-31 Guided Missile Weapon System.The deal, announced Thursday by the Department of Defense, is worth more than $ 22.5 million under a cost-plus-fixed-fee modification to a previously awarded contract, which is a cost-reimbursement contract that would potentially reimburse Raytheon on cost overruns.Generally, the reimbursement fee is negotiated at the inception of the contract. The deal taps Raytheon to aid the U.S. Navy's Rolling Airframe Missile upgraded MK-31 Guided Missile Weapon System Improvement program by "exercise options for design agent and engineering support services."The services procured under the previous contract provide ...
Michael Kors and Jimmy Choo end use of fur

Michael Kors and Jimmy Choo end use of fur

Business
Global fashion brand Michael Kors, which also owns Jimmy Choo, says it is to end its use of fur.The luxury fashion group will phase out production of fur by the end of 2018 in a company-wide policy, and the two brands have joined the international Fur Free Retailer Programme.Animal rights group Humane Society International has welcomed the move.It is the latest in a series of announcements by major fashion brands that are moving away from using animal fur and creating fashionable clothing with other materials.Designer Michael Kors said: "Due to technological advances in fabrications, we now have the ability to create a luxe aesthetic using non-animal fur. We will showcase these new techniques in our upcoming runway show in February."The president of the Humane Society International, Kitty ...
HS2 redundancy pay 'shocking waste' of taxpayer cash

HS2 redundancy pay 'shocking waste' of taxpayer cash

Business
Unauthorised redundancy payments made by the state-owned company managing the HS2 rail project were a "shocking waste of taxpayers' money", MPs have said.The Public Accounts Committee said the firm overseeing construction of a high-speed rail line offered staff terms "well in excess" of authorised levels.The MPs blamed "weak internal processes" at HS2 for overpayments to 94 people totalling £1.76m.An HS2 spokesperson acknowledged "a serious error" had been made.The company made the payments in 2016-17 after shedding 94 staff in a move from London to Birmingham.A combination of compulsory and voluntary redundancy schemes were offered on enhanced terms, resulting in a total bill of £2.76m, despite instructions from the Department of Transport that they should be at statutory rates, which wou